I hope the term "solo" doesn't confuse you or cause any concern about what this type of business really refers to. You see, in some folks' minds, "solo" is just one thing - a song that is sung alone by one person.
But as we're using the term here in the business sense, "solo" simply means that you are in business for yourself and by yourself. No partners, no employees, it's just YOU.
You see, back in the 1990s, some high-flying solo business types were labeled “lone eagles.”
The lone eagle image I have etched in my mind is this: a highly paid but restless white collar executive that turns his back on the Wall Street establishment, moves his family to Vail, Aspen, or Park City, and now consults a few hours a day from his ski chalet corner office as he sits atop the world raking in outrageous fees, answering to no one, and living a luxurious jet set lifestyle of travel, fortune, and whatever money can buy.
But I must now admit, over the years this lone eagle image has changed a whole bunch for me. As I’ve grown to know many solo entrepreneurs personally, I’ve seen exactly zero (as in, not one) that appears to (in any way) resemble my mind’s long-standing stereotype.
I no longer believe in lone eagles, but I will admit there could be a few of them still around somewhere. Do you know any personally? Have you ever seen one?
Lone eagles may actually be extinct by now, but I do know for sure, that there is a growing population of solo business owners that are quietly and without much fanfare creating enviable businesses all over the globe!
Here’s what I can tell you about the solo operator:
He/she is the epitome of independence and individuality . . . strong, cunning, resourceful and survives well without assistance having learned to adapt to the current environment and circumstance. Often the soloist shuns the pack and prefers to be alone.
I see a great opportunity upon us right now for the development of small businesses by solo operators that adopt the proper mentality. The Internet is the vehicle for their rise to prominence.
In the digital business world, the solo owner is one who will shun the pack of copycat startups trying to make a buck selling “how to make money on the Internet” ebooks and other people’s affiliate products.
She will instead select a niche that is extremely specialized, holds personal excitement and interest for the owner, and is one in which the operator is probably already an expert to some degree, either through previous life experiences, formal training, or college-level education.
The solo business owner will enjoy the rigors of daily business simply because the subject of the business is a personal passion; in fact, she would probably engage in this activity in some depth even if the business offered no compensation.
Soloists don’t need or want any help running the business, but they are eager to share their passion with like-minded customers that are willing to pay for the experience.
Forget employees, physical storefronts, inventory, payrolls, time cards, workman’s comp, fringe benefits and the like. This owner keeps the business simple, uncluttered, and keeps as little overhead and as few strings attached as possible.
The ultimate small business, in my opinion, includes the sale of digital information in some form. This “merchandise” will only be produced on demand after the sale is made. The financial transaction and product delivery will be handled digitally and instantaneously.
The products involved will most likely be authored by the owner and will relate to his life’s passion.
These digital products could include a subscription to a specialized niche membership site, a one-of-a-kind newsletter, an e-book, an online members-only magazine, video or audio files, downloadable libraries of technical or how-to instructions, graphic or artistic images or photos, auctioned goods, online business services, Internet consulting, advertising, blogging, and other types of digital formats not yet in the mainstream.
You say the economy and environment of trust is not yet ready for widespread acceptance of this type of business model? Think again . . . it’s already here and growing by leaps and bounds.
I’m betting on the fact that currently and soon-to-be retiring baby boomers are not going to sit still and do nothing in their golden years. This generation of Viet Nam vets, hippies, campus protestors, and social experimenters didn’t accept the status quo in the past and aren’t likely to spend their life-long retirement earnings on rocking chairs. I’m one of them and that’s not how I plan to retire.
Some will face the consequences of inadequate life-long savings programs and will seek out ways to use their knowledge and skill to supplement social security or meager company pensions. The solo Internet business is perfect for these golden seniors who have much knowledge, experience and wisdom to share.
I believe that more and more workers will retire from their chosen employment only to begin a second lifetime career. Think about it: you work 30 years (say from age 25 – 55) still feel healthy and useful and decide to put in another 30 years (finally retiring at 85)! It could happen.
Life expectancies are increasing, debilitating diseases are being controlled, healthier lifestyles are in vogue, and there seems to be a newfound appreciation for the contributions the elderly can make in society.
Now don’t get me wrong – anyone of any age can become a solo business owner. Some younger workers will leave the pack to enjoy their own independent lifestyle. Small sole proprietor businesses will appeal to greater and greater numbers of mid-career workers as companies downsize and as technology advances.
Moms and stay-at-home dads will continue to look for ways to supplement family incomes. The solo Internet model will be especially attractive to them.
Some will discover the simplicity, the enjoyment, and the profitability of solo business. And best of all, passionate consumers will continue to greet the best products, services, and information with open wallets and credit cards in hand!
